A situation in which output decreases while prices increase is often referred to as:
A. inflation.
B. negative economic growth.
C. a recession.
D. stagflation.
Answer: D
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An increase in the price of a firm's output increases the firm's demand for labor because the
A) marginal product of each worker increases. B) value of marginal product of each worker increases. C) value of marginal product curve becomes steeper. D) value of marginal product curve becomes flatter.
In the eyes of the law, a corporation is a legal "person," separate from its owners. Explain what this means
What will be an ideal response?
Which of the following is not a valid criticism of Fogel's (1964) methodology in his study of railroads?
(a) The canal prices used for 1890 were low. (b) The impact of railroads on financial markets is ignored. (c) The nonpecuniary gains from using railroads could have been considered. (d) The amount of land cultivated would have been reduced.
If three pizza delivery companies agree to decrease their output and raise the price of their pizzas to $15, this is an example of ________.
A) resale price maintenance B) bid rigging C) market division D) price fixing